Premier League club Everton began construction on its new stadium, which is slated to begin hosting games in the 2024-2025 season.
The new digs will be located in the Bramley-Moore Dock area of Liverpool and eventually replace its current home, Goodison Park.
- The project is expected to cost around $693.7 million and take around three years.
- The new stadium will have a capacity of 52,888.
- It’s anticipated to bring $1.8 billion to the local economy and provide 15,000 jobs.
To finance the project, the club is leaning on majority shareholder Farhard Moshiri, plus private loans, grants, and a stadium naming rights deal with Russian holding company USM.
Last year, USM agreed to pay the club $41.6 million to be first in line for the new stadium’s naming rights. The two sides later agreed to a 10-year, $277.5 million deal.
Everton lost $194.1 million in the 2019-2020 season, per Deloitte. That was the worst hit among all Premier League clubs, which collectively lost around $1.4 billion that season.
The consulting firm said that the new stadium could be “transformational” for the club.
Everton recently linked up with Miami-based Pulse Sports and Entertainment to expand its North American presence.